Tuxworth to leave Sagitta after Westpac’s BT buyout
John Tuxworth has become the latestSagitta Rothschildsenior executive to fall victim to theWestpac Bank’sdecision this week to purchase theBT Financial Group.
TheInvestorweb Researchgroup today confirmed that Tuxworth, the managing director of distribution and service at Sagitta Rothschild, would not be continuing with the fund manager under a reorganised group structure to allow for the integration of BT.
The news follows the announcement earlier this week that Peter Martin, the chief executive of Sagitta Rothschild, which Westpac purchased for $323 million only four months ago, would also not be continuing with the group.
Investorweb today placed all Rothschild and BT funds “under review”, citing the uncertain future of key staff members from both organisations as a critical concern going forward.
Yesterday, theLonsdale Securities(Lonsec) research group also placed a “hold” rating on all BT and Sagitta Rothschild funds. TheAssirtandvan Eykresearch groups have placed a “hold” rating on BT funds.
Tuxworth joined Rothschild in 1989 and was the group’s chief operation officer before Westpac purchased the fund manager in April, after which he was placed in charge of distribution of what was then to be the combined Westpac / Rothschild funds management venture.
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